successful bidder, we agree to accept and make payment for the
Bonds in accordance with the terms of the sale.

                              Respectfully submitted,

(a) Total interest cost from date of Bonds to
     final maturity                                $
(b)  Plus discount (or less premium)                $
(c) Net interest cost                              $-
(d) Net interest rate

          The above computation of net interest cost
for information only and is not a part of this bid.

is submitted

Accepted this 30th day of April, 1991.

                    BOARD OF TRUSTEES OF
                    UNIVERSITY OF KENTUCKY